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In 1973, the Arab Oil Crisis made Americans care about energy security.

Forty years later, a survey of the world's five largest offshore fields by estimated recoverable reserves is a stark reminder of why they still should.

The three largest offshore oil fields are located in the Persian Gulf, off the coasts of Saudi Arabia and the United Arab Emirates.

Located about 165 miles north of Dharan, Saudi Arabia in the Persian Gulf, the Safaniya oil field contains an estimated total reserve of more than 50 billion barrels (36 billion of which are said to be recoverable). It is the world's largest offshore field.

Saudi Aramco, Saudi Arabia's state-owned oil and natural gas company, owns and operates the elephant-sized oil field, which was discovered in 1951 and has been producing oil since 1957. The field produces up to 1.5 million barrels of heavy crude oil per day.